TCS calculation for Indian GST
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Hello Team,
First of all congratulation for making this awesome plugin.I have searched a lot in your forums and could not found any specific solution for TCS (Tax Collected at Source) rules for GST, which is mandatory for Indian Marketplace sellers at rate of 1% on Total Order Value (including all charges like product GST rates, gateway fees, shipping fees, marketplace commission and all other fixed charges if applicable with associated Service GST at 18%).
This TCS will be divided by 2 and will go to State and Central GST which is payable on 10th next month accordingly.
One of your support solution said to collect this charge as Withdrawal fee, but this is not possible because TCS is applied on Total Invoice value inc. all.
Let me give a simple example comparing our marketplace with Amazon India >>
For example:
Mr. Sukanta is a trader who sells his ready-made clothes online on Amazon India. He receives an order for Rs 10, 000 inclusive of tax and commission. Amazon charges a commission of Rs 200 (20%). Amazon would, therefore, need to deduct 1% tax (TCS) on the amount, including the money paid as commission (Rs. 200) and GST ( Rs. 1800 when GST @18%). Amazon would thus be deducting tax for Rs 100 (1% of Rs. 10000).As per this example we as marketplace owner need to Deduct 1% i.e. Rs. 100/- as TDS from Seller Commission from Total Invoice amount which will reflect as TCS (1%) in the Withdrawal Commission Invoice and Seller will be notified. Also Admin can generate this report of total TCS of each Seller on following month from report dashboard to submit this Tax.
Please help if this possible in anyway either as code snippet or custom work.
Thanks
Sukanta.
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